Shareholders concerned about Sly Bailey pay

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Trinity Mirror is expected to announce some changes to boardroom pay this week, amid reports of growing concern among shareholders about chief executive Sly Bailey's remuneration.

The newspaper publisher is due to publish its end-of-year results on Thursday morning and is likely to use the occasion to suggest a solution to shareholders.

Trinity Mirror's four biggest shareholders - Legal and General, Standard Life, Aviva and Schroders - are said to be concerned that Bailey has been paid £12 million since she joined nine years ago, while the company's share price has plummeted by 90 per cent over the same period. In 2010 alone, she received £1.65 million in pay, bonuses and pension contributions.

One shareholder told the Sunday Times : "We have asked for Sly Bailey's salary to be reviewed as it is excessive by most standards, let alone a company with a market value of about £100m."

In its last trading stadement , covering the 17 weeks to the end of October 2011, the publisher reported a "significant" improvement in circulation revenues following the closure of the News of the World.

Since then, however, News International has launched a Sunday edition of the Sun .